Deduction u/s 43B of IT Act for payments made to MSME
Deduction u/s 43B of IT Act for payments made to MSME: 1. Finance Act 2023 inserted clause (h) in Sec 43B, which says that any amount payable to Micro or Small and Medium Enterprises (MSME)…
Taxation on income of foreign IPL players
Taxation on income of foreign IPL players: The legal position and the mechanism is explained as below: 1. Section 115BBA of the Income Tax Act provides the answer: This section provides a special tax rate…
All about Updated Return (ITR-U Form)
All about Updated Return (ITR-U Form): Introduction: 1. Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. 2. Two years will be calculated from the end…
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai M/s.Sahana Jewellery- Exports Pvt. Ltd. Vs ITO (ITA No.999/Chny/2022) Facts: 1. The taxpayer operates in the gold…
Women can be Karta of an HUF: Delhi HC
Women can be Karta of an HUF: Delhi HC MANU GUPTA Vs SUJATA SHARMA & ORS (Case No.: RFA(OS) 13/2016 & CM APPL. 6041/2016) Order of the division bench of Justice Suresh Kumar Kait and…
Assessment Orders solely based on AIR information is unsustainable: ITAT Mumbai
Bona Sera Hospitality Pvt. Ltd Vs DCIT (ITAT Mumbai) (ITA No.1750/Mum/2023) Facts: 1. The assessee company is in the business of providing services of developing, installing and maintenance of software to the hospitality, food service…
Remuneration paid to directors to attract GST – AAR
Companies will have to pay GST under RCM on the remuneration they give to directors, the Authority for Advance Ruling (AAR) has said. In an application filed before the Rajasthan bench of the AAR, Clay…